" "JAPAN, A COUNTRY WITHFEW FOSSIL FUEL RESOURCES, MUSTLEAD THE REST OFTHE WORLD INCONSTRUCTING ASOCIETY THATBASES ITSELF ONNEW FORMS OFENERGYG20 MEMBER COUNTRIES135out crisis. The exporting companies and small tomedium-size enterprises that have led Japaneseindustry in the past are now crying for help. Unlesssomething is done, there is the concern that domesticindustries will drop in strength and employment will belost. If that happens, overcoming deflation andreconstruction in the affected areas will becomesignificantly more difficult tasks.Countries in Europe, the US and Asia are engaging in alocation battle where national efforts are being made toattract companies to their countries. In order for Japanto prevent the hollowing-out of its industries andmaintain domestic employment, we must worktogether with the Bank of Japan, which conductsmonetary policy, in utilising all policy means available.First, we will utilise reserve funds and the thirdsupplementary budget to implement emergencyeconomic countermeasures that include the boldenhancement of location subsidies. Furthermore, wewill take advantage of the merits of the appreciatingyen to support Japanese companies in purchasingforeign companies and acquiring resource interests.Achieving economic growth and fiscal healthSince before the March 11 disaster, Japan relied onnational bonds for half of its national revenue, and thenational debt was at risk of reaching one thousandtrillion yen. The disaster has raised the crisis level ofthe public finance even further, making Japan'ssituation the worst among major advanced nations.Today, as "national credibility" is severely questioned,we cannot continue to manage public finance bycovering old debt with new debt. Do we have the rightto force more debt on future generations, who cannotnow speak for themselves? The responsibility of today'spoliticians is being put into question. nThe above remarks by H.E. Yoshihiko Noda, the PrimeMinister of Japan, are excerpted from his policy speech to the178 Session of the Diet on 13 September 2011, in Tokyo,Japan. For more information please visit: www.kantei.go.jp